- At least 13 blockchain wallets hold roughly half of the total supply of Dogecoin.
- Tesla CEO Elon Musk suggests that the biggest DOGE hoarder is trading app Robinhood.
- Dogecoin saw a series of pumps and dumps before the current April-May rally.
13 blockchain wallets hold at least 46% of the total supply of Dogecoin. According to Twitter user IncomeSharks, one wallet holds more than a quarter of all DOGEs in the world.
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Meanwhile, Tesla CEO and Dogecoin shiller Elon Musk suggested that trading app Robinhood is the mysterious DOGE whale. Specifically, Elon claims Robinhood owns the wallet that holds 28% of all DOGEs, and that it will continue to hoard for a time.
While Robinhood nor any in the crypto community can confirm the above suggestion, traders are cautioning against holding DOGE nonetheless. Various crypto personalities believe that Dogecoin is not an ideal cryptocurrency to invest in. For example, crypto investor Lark Davis said that when the DOGE run ends, it will turn out ugly.
Prior to Dogecoin’s surreal pump from April May 2021, it experienced a number of pumps and dumps, causing late investors to lose money. Nevertheless, Elon continues to shill Dogecoin, saying that it could be the future of cryptocurrency.
However, Elon still cautioned traders, saying that although cryptocurrencies may be a promising investment, buyers must still exercise caution.
At the time of writing, each DOGE is worth $0.6182, according to CoinGecko. It occupies the fourth spot in terms of market capitalization.
In another news, Davis encouraged investors to try out Bitcoin, calling it gold 2.0. He also said investors should also consider Ethereum and explore decentralized finance (DeFi) and non-fungible tokens (NFTs).
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